| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 37th | Good |
| Demographics | 32nd | Poor |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 128 Grand Ave, Johnson City, NY, 13790, US |
| Region / Metro | Johnson City |
| Year of Construction | 1980 |
| Units | 24 |
| Transaction Date | 2017-05-17 |
| Transaction Price | $350,000 |
| Buyer | AOM 128 GRAND AVENUE LLC |
| Seller | JOHNSON CITY STORES LLC |
128 Grand Ave Johnson City NY Multifamily Investment
Renter concentration in the neighborhood is high, supporting a deeper tenant base even as neighborhood occupancy trends sit below the metro median, according to WDSuite’s CRE market data. This balance suggests steady leasing potential with active management on renewals and pricing.
Located in Johnson City’s inner suburb of the Binghamton, NY metro, the neighborhood ranks 13 out of 111 — placing it in the top quartile among metro neighborhoods — with an overall A neighborhood rating based on CRE market data from WDSuite. The area’s housing stock skews older relative to the metro average, while this property’s 1980 vintage is newer than much of the local inventory, supporting competitive positioning with thoughtful modernization.
Daily-needs access is a relative strength: grocery and pharmacy density rank near the top of the metro and sit in high national percentiles, while restaurants are also well represented. In contrast, cafes and parks are limited within the neighborhood, which may modestly affect lifestyle appeal but does not materially detract from workforce-oriented renter demand.
Rent dynamics point to attainable price points at the neighborhood level (competitive among Binghamton neighborhoods and lower than many areas nationally), which can aid lease-up and retention. However, the neighborhood occupancy rate trends below the metro median, reinforcing the need for focused leasing execution. Notably, renter-occupied share is elevated locally, indicating a sizable pool of prospective tenants and support for smaller-unit formats.
Demographic statistics aggregated within a 3-mile radius show recent population and household growth with projections for further expansion over the next five years, implying a larger tenant base and potential for demand resilience. Income gains are improving from prior periods, though rent-to-income ratios suggest some affordability pressure, warranting disciplined lease management and amenity-value alignment.
Comparable neighborhood safety metrics for this location are not available in the dataset provided. For underwriting, investors typically benchmark neighborhood trends to metro and national context and track municipal reporting and owner-operator feedback over time to assess directional change rather than relying on block-level estimates.
This 24-unit, 1980-vintage asset offers smaller, efficient floor plans in a neighborhood with a deep renter base and strong access to daily-needs amenities. According to CRE market data from WDSuite, local rents remain comparatively attainable, which can support occupancy stability and retention when paired with pragmatic renovations and targeted marketing.
Relative to the neighborhood’s older housing stock, the 1980 construction provides a competitive edge, though investors should plan for selective system updates and value-add enhancements. Demographic trends within a 3-mile radius point to population and household growth, expanding the renter pool and supporting long-term leasing fundamentals, while acknowledging that neighborhood occupancy tracks below the metro median and some affordability pressure exists.
- Deeper renter base locally supports demand for smaller, efficient units.
- Daily-needs amenity density (grocery, pharmacy, restaurants) underpins retention and leasing velocity.
- 1980 vintage is newer than much of the neighborhood stock, with value-add potential via targeted upgrades.
- 3-mile demographic growth signals a larger tenant base and supports long-term occupancy.
- Risks: neighborhood occupancy below metro median and pockets of affordability pressure require proactive leasing and expense discipline.